ARTICLES LABELLED WITH TAG Hungary

When assessing the first quarter of 2020, analysts of EBI Construction Activity Report Q1 2020 already highlighted the impact of the pandemic on the Hungarian construction industry. Back then, they did it with the help of a forecast based on limited available data, but since then actual data have been released and the impact of the pandemic on the sector can be assessed in detail.

On 5 August 2020, CPI Property Group auctioned HUF 30 billion (about €86 million) of senior unsecured green bonds with a 10-year bullet maturity. The bonds carry a coupon in Forint of 2.25% and were sold at a yield of about 2.02% following a robust investor response with bids of more than HUF 45 billion received at auction. The issuer was the Group’s subsidiary CPI Hungary Investments Kft., with an unconditional guarantee from CPIPG. Raiffeisen Bank Zrt. acted as sole mandated lead arranger on the offering.

Cordia Group announced that Tomasz Łapiński stepped down as a CFO of the company and he is succeeded by Péter Bódis, who has over 20 years of experience in capital markets and investment fund management in international organizations.

108 Agency is expanding into the Hungarian market. The company has now started its operations by cooperating with three local professionals István Fazekas, Marcell Szotyori-Nagy and László Kemenes who have many years of experience in commercial real estate.

Belgian property developer Weerts bought a 30-hectare lot from Erste Real Estate near Budapest, advisory firm VLK Cresa said in a statement.

ConvergenCE has been appointed the exclusive contract to support the owner, HB Reavis to lease the Agora Tower office building which recently opened on Budapest’s Váci Road office corridor.

Total demand on the Budapest industrial market amounted to 202,610 sqm in Q2 2020, which is two times higher than the figure registered in the same period last year and 17% higher than the 4-year average Q2 volume. The Budapest Research Forum published its quarterly industrial market analysis

Total demand on the Budapest office market in Q2 2020 reached 87,990 sqm, representing a 46% decrease year-on-year and the number of signed transactions dropped by almost 50% compared to the same quarter of 2019, according to BRF’s latest figures.

Logistics company FIEGE has recently signed three transactions for 38,600 square meters at Prologis Park Budapest-Harbor, of which 19,600 square meters are new leases, including the just-completed new Building 11 totalling 14,000 square meters. With a total leased area in the park of 59,000 square meters, FIEGE has become the largest customer of Prologis in Hungary.

Hungarian development and construction company Market Építő Zrt. has completed its new headquarters in Budapest. The 5,500 sqm four-story office building was designed and built by Market and its subsidiaries. The office building, named Market 6.0, refers to the group's sixth headquarters and is located in Budapest’s Óbuda district, in the immediate vicinity of the previous headquarters.